Most Canadians recognize that people are living longer, but only about one-third have a retirement plan that accounts for how many years they may need to fund, according to a new survey by CPP Investments.
The 2026 CPP Investments Retirement Survey found that 76 per cent of Canadians recognize increasing longevity, while 34 per cent have a retirement plan that considers the potential length of their retirement. The findings also link greater preparation and knowledge of Canada Pension Plan benefits with higher confidence in making savings last.
Savings do not always translate into planning
Three-quarters of Canadians, or 75 per cent, have set aside money for retirement, but only 42 per cent have a financial plan. Another 34 per cent are saving without having a plan, highlighting a gap between accumulating savings and preparing for a retirement that could last decades.
CPP Investments, which manages the Canada Pension Plan Fund, has conducted an annual retirement survey since 2023. This year's edition introduces a Retirement Longevity Index that measures preparation for a potentially long retirement and confidence in being able to finance it.
Canadians who have taken more steps to prepare for a long retirement reported an average Confidence Score of 58 out of 100, compared with 35 among those who had taken few or no steps. The Confidence Score measures how secure respondents feel about supporting themselves financially throughout retirement, while the Preparation Score reflects actions such as saving, developing a financial plan and considering how long retirement could last.
"Living longer changes the way we need to think about retirement," said Michel Leduc, senior managing director and chief public affairs officer at CPP Investments. "Putting money aside is an important start. But planning also means thinking about how long retirement could last, the sources of income you may have, like the CPP, and how those pieces fit together. Doing this boosts confidence in planning for a potentially long retirement."
The survey also found that financial pressures are affecting Canadians as they prepare for retirement. More than one-third, or 34 per cent, reported high levels of day-to-day financial stress, up from 31 per cent in 2025. The proportion rose to 47 per cent among households earning less than $50,000 annually.
CPP knowledge linked to greater confidence
Understanding the Canada Pension Plan was also associated with greater confidence about retirement finances, according to the survey.
Among respondents who knew CPP payments are linked to inflation, 63 per cent were confident their money would last throughout retirement, while 21 per cent reported high levels of stress about retirement planning. Both figures were described as better than the overall survey results.
Among Canadians who said they were very familiar with the CPP, 77 per cent were confident their savings would last, compared with 22 per cent among those unfamiliar with the plan or unsure about it.
However, the survey found gaps in respondents' knowledge of how CPP benefits are calculated and adjusted. Only 30 per cent knew payments are linked to inflation, while 53 per cent knew payments reflect years of contributions and average earnings.
"The CPP is an important foundation of retirement income for Canadians," Leduc continued. "Understanding what the CPP provides, alongside workplace pensions, personal savings and investments and other income, can help Canadians plan with greater confidence for a retirement that could last decades."
Canada Pension Plan Investment Board
The CPP is projected to remain financially sustainable for at least the next 75 years, according to the latest review by the Office of the Chief Actuary of Canada.
CPP Investments supports the plan's financial sustainability by managing and investing the CPP Fund. As of June 30, 2026, the fund totalled $863.6 billion, including $609.3 billion in cumulative net income generated through investment activity since the organization began investing the fund in 1999.
The Canada Pension Plan Investment Board is an independent professional investment management organization responsible for managing the CPP Fund in the interests of more than 22 million contributors and beneficiaries. It invests in public and private equities, real estate, infrastructure, fixed income and alternative strategies, among other asset classes.
Headquartered in Toronto, the organization also has offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney. It operates independently of the Canada Pension Plan and at arm's length from governments.